BP Turns Down Sinopec's Offer For Assets - Report

DOW JONES NEWSWIRES BP PLC (BP) turned down an offer from Sinopec for some of its assets, according to a report on ChinaDaily.com Friday. "We've talked to BP on some good assets, but they won't sell," Zhang Jianhua, Sinopec's senior vice president, told the China Daily in an interview. Jianhua didn't name the assets for which the company bid, saying: "We aren't in any talks with BP right now." Gordon Kwan of Mirae Asset Securities said BP's "robust cash flow" suggests it need not sell assets at low prices. "Expect Sinopec and others to come back to BP with higher bids," he said. A person with knowledge of the matter indicated that BP is considering a sale of fields in Colombia, Venezuela and Vietnam, according to ChinaDaily.com. It may also sell its 60% holding in Pan American Energy, Argentina's second-largest oil producer, the person said. Full story: -Dow Jones Newswires; 212-416-2900 (END) Dow Jones Newswires July 30, 2010 12:30 ET (16:30 GMT)